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    Why ICICI Bank for Education Loan?

    Special Product offering for Canada, UK and Germany

    Special Product offering
    for Canada, UK & Germany

    No margin for Premium Institutes

    No margin for Premium
    Institutes

    No Branch Visits/ Complete digital Journey

    No Branch Visits/ Complete
    digital Journey

    Pre- admission sanction

    Pre- admission
    sanction

    Education Loan Interest Rates

    Interest Rates Information
    [REPO* + 3.75%(Spread)] onwards For courses in India: Up to Rs 1 Crore
    For courses abroad: Up to Rs 2 Crore
    Unsecured Loan Amount – Up to Rs 1 Crore

    Education Loan eligibility

    Particulars Eligibility
    Nationality Indian
    Age Minimum- 16 years Maximum- 35 years
    Academic record Proven - good
    Qualification Completed 10+2 (12th Standard)/Diploma
    For Pursuing Graduation /Postgraduate Degree or a PG diploma in professional Education.
    University Applied to Listed,Recognized and Accredited Institutes in India and Overseas
    Loan can be sanctioned on the basis of
    • Pre- admission sanction
    • Entrance exam score like GRE,GMAT etc.
    • 12th/HSC Results
    • Confirmed Admission
    Loan Amount
    • Domestic – Upto Rs 1 crore
    • International – Upto Rs 2 crore
    Co-borrower Father, Mother, Brother, Sister, Spouse (Husband/Wife), Grand Parents, Parents in law, Maternal/Paternal Uncle.
    Security Property i.e. House or Flat, FD –Fixed Deposit, Existing ICICI Bank Home Loan for cross collateral.

    Required Documents for Education Loan

    Mandatory Documents

    • Duly filled online iLENS application form
    • 2 photographs of passport size
    • Copy of 12th standard mark sheet or latest education certificate
    • Admission letter with cost of education if available
    • Pan Card of the student and Parent/ Guardian

    Residence proof

    • Passport
    • Driving License issued by Regional Transport Authority
    • Voter's Identity Card issued by the Election Commission of India
    • Job card issued by NREGA signed by State Government Officer
    • Letter from National Population Register containing details of name and address
    • Proof of possession of complete AADHAR number/AADHAR Card

    Age and Identity proof

    1. Aadhaar Card
    2. Voter ID
    3. Passport
    4. Driving Licence

    Income proof

    • Most recent salary slips and Form 16 of the parent/ guardian/ co-borrower
    • Latest 3 months bank statement for non-ICICI Bank customer (Not required for ICICI Bank customer)
    • Updated ITR (Income Tax Return with income computation) of 2 years of parent/co-borrower/guardian.

     

    Note: ICICI Bank reserves the right to call for additional documents at its discretion.

    Read More

    ENACH

    The NACH e-Mandate system facilitates the issuance and confirmation of mandates made by customers through alternate modes to a paper-based mandate.

    Note: The mandate will be routed by the destination bank, after due authentication, to the sponsor bank or by corporate through their sponsor bank to the destination bank with the attributes of customer authentication depending upon the variant of e-Mandate.

    To create e-mandate, click here.

    To track the status of e-Mandate, click here.

    How to apply for Education Loan

    ICICI Bank branch

    ICICI Bank branch

    Visit the nearest ICICI Bank branch, fill the form and get started with your loan approval process.

    Apply online

    Apply online

    Loans offered for: Domestic Institutes/ International Institutes. Courses covered: Under Graduate/ Post Graduate

    VidyaLakshmi portal

    VidyaLakshmi portal

    To apply for Education Loans through the VidyaLakshmi portal, please click here

    Pre-approved Education Loan

    Pre-approved Education Loan

    Existing ICICI Bank customers can check their eligibility for instant sanction of Education Loan without the hassle of any paper work.

    Apply Now

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    Education Loan FAQ

    Expand All | Collapse All

    What is the eligibility criteria to apply for an Education Loan?

    Indian citizens must be 16 to 35 years of age with a good academic record and should have completed 10+2 or diploma. If the applicant is enrolled in a recognised institute in India or overseas, loans are sanctioned based on pre-admission, entrance exam scores, 12th/HSC results or confirmed admissions.

    What are the courses for which one can avail an Education Loan?

    Graduate/Postgraduate/Diploma courses in professional education from recognised and accredited institutes in India and overseas.

    What is the interest rate on an Education Loan?

    Interest rates for Education Loans are linked to RBI Repo Rate and may vary depending on various parameters.

    Can I avail partial fee as Loan?

    Yes, you can avail partial fee as Loan at any point of time during your studies.

    Who can be my co-applicant?

    Parents, brother, sister, spouse, father-in-law, mother-in-law, daughter-in-law, maternal and paternal uncle/aunt and grandparents can be your co-applicant.

    Can I apply for an Education Loan if I do not have a co-applicant with income?

    For postgraduate courses, applicants with 2+ years of experience can apply for a loan with a non-financial co-applicant.

    Will my scholarship be considered as margin money?

    Yes. Scholarship awarded to the applicant from the institute will be considered as margin money.

    How is the interest calculated on my Loan in moratorium period? Simple or compounded?

    Simple Interest will be calculated in moratorium period.

    Can I pre-pay my Loan? What will be the charges for pre-payment?

    Yes, you can pre-pay your Loan any time. There are no charges for pre-payment.

    Can I pre-close my Loan?

    Yes, you can pre-close your Loan any time during the tenure.

    When can I start repaying my Education Loan?

    You can start repaying any time as soon as the Loan starts.

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